Sunday 2 November 2008

Buy Jindal Saw, target of Rs 530: Asit C. Mehta

Asit C. Mehta has maintained its buy rating on Jindal Saw with a revised target price of Rs 530 in its October 29, 2008 research report. "In Q3CY08, JSL’s sales increased to Rs 14,855.3 million. from Rs 14,286.1 million in Q3CY07. Sales growth was low at 4%, as JSL sold its US operations in 2007, which contributed 30% to sales in Q3 CY2007. We believe that the company will benefit in the near term on account of the capex incurred in the pipes segment. We therefore maintain positive outlook on the stock and reiterate a “BUY” recommendation with a revised target price of Rs 530, which is equivalent to a P/E multiple of 7 times to its FY10E EPS," says Asit C. Mehta's research report.

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Source: Moneycontrol

Posted by Harsh at 11:53

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